Cushman & Wakefield announced that the mixed-use development at the northwest corner of University Drive and Forest Avenue in Tempe, Ariz. sold to Minneapolis-based The Opus Group for $15.24 million. The Cushman & Wakefield team of Brent Moser, Mike Sutton and Brooks Griffith represented the seller, Sundt Companies of Tempe.
The 115,325-square-foot development site, yet to be named, will include two high-rise apartment towers in Phase I. The 20-story and 12-story towers will have a total of 407 apartment units and more than 31,000 square feet of space for retail and restaurants that will front University Drive. Phase I project costs will total $160 million.
“Our team was able to provide exceptional value for Sundt, after putting them into the site at the depths of the great recession. This transaction exemplifies the blossoming of Downtown Tempe under Mayor Mitchell’s tenure,” said Brent Moser, Executive Managing Director of Cushman & Wakefield.
Construction on the two high-rise apartment towers is underway on the former downtown Tempe parking lot. The apartments are scheduled to open to renters in the summer of 2018. The second phase of the mixed-use project and land sale is being designed to include a hotel that will be developed by a separate group on the remaining 25,000-square-foot corner parcel.
“We embarked on this endeavor to create something where our client, employee-owners and community would all prosper. We see this project as one that will serve its neighbors, the City of Tempe and Arizona State University for many years to come,” said Ryan Abbott, Senior Vice President of Sundt Companies.